This same dynamic seems to hold as much for commercial property as the residential market which is covered by these frequent indices - and the income that is often paid from commercial property portfolios can be compelling at a time of equities uncertainty and falling bond yields.

It is therefore no surprise that property funds are proving popular once again by offering investors professionally managed portfolios that invest directly or indirectly in real estate assets, property shares or mortgage debt.

A typical fund tends to hold a number of properties, leased to businesses or private tenants, which generate rental income. In addition, as property valuations vary depending on quality, location or demand, managers usually argue there is some potential for capital growth.

But for many advisers it is hard to forget that just six years ago some investors in property funds learnt the hard way that this is not a liquid asset class and saw the regulator turn their attention to this type of vehicle.

This guide explains what happened to a number of established property funds following the crash in the last decade and what advisers need to dig down to today in order to make sure the foundations of a fund are solid.

Supporting material produced by: Eugene Philalithis, portfolio manager at Fidelity Solutions; Hugh MacTruong, proposition manager of Legal & General Investments; Chris Ludlam, head of real estate capital for Schroder Property Investment Management; Ainslie McLennan, manager of Henderson UK Property Oeic; and Philip Nell, head of European retail funds for real estate at Aviva.

This guide is sponsored by Aviva Investors. All editorial is independent.